Regulatory & Compliance Updates: Dec. 18, 2024

Model Bylaws Subcommittee Confirms Virtual Ability to Hold Annual Meetings: The Minnesota Credit Union Network Model Bylaws Subcommittee worked with the Minnesota Department of Commerce Director of Credit Unions, Aeton de Long-Hersh, to confirm that Annual Meetings of state-chartered credit unions may be held in-person, remote, or by hybrid means. 

NCUA Board Adopts Final Rule on Succession Planning and 2025 Budget: On December 17, the National Credit Union Administration (NCUA) board met and unanimously adopted the final rule on succession planning with an effective date of January 1, 2026, requiring boards of directors of federally insured credit unions (FICUs) to establish written succession plans that cover specified positions, including board members, management officials and assistant management officials, and other positions that a FICU’s board deems critical.

​CFPB Finalizes Rule to Protect Homeowners: The Consumer Financial Protection Bureau (CFPB) finalized a rule mandated by Congress that applies existing residential mortgage protections to Property Assessed Clean Energy (PACE) loans. 

FTC Issues Advice On Preventing and Mitigating Digital Security Risks: On December 13, the Federal Trade Commission issued on its technology blog an advisory article to prevent and mitigate security risks through data management, software development and product design. 

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